HVAC Controls Market Worth $20.12 Billion by 2028 at 17.63% CAGR Driven by Construction Sector, Deep Dive Analysis of 18+ Countries across 5 Key Regions, 50+ Companies Scrutinized in New Research by The Insight Partners

NEW YORK, July 6, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "HVAC Controls Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component Type (Sensors, Controllers, Smart Vents, and Others), Installation Type (New Installation and Retrofit), System (Temperature Control System, Humidity Control System, Ventilation Control System, and Integrated Control System), and End User (Residential, Commercial, and Industrial)", the global HVAC controls market size is expected to grow from $6.50 Billion in 2021 to $20.12 Billion by 2028; it is estimated to grow at a CAGR of 17.63% from 2022 to 2028.

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HVAC Controls Market Report Scope & Strategic Insights:

HVAC Controls Market: Competitive Landscape and Key Developments

Carrier, Daikin, Delta Controls, Distech Control Inc., Emerson Electric Co., Honeywell International Inc, Johnson Controls, Lennox International Inc, Siemens, and Schneider Electric are among the key players in the HVAC Controls market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

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In January 2022, Daikin announced its recent investment in Wlab Ltd., a startup company providing airborne allergy detection sensors.

HVAC Controls Market: Key Insights   

The HVAC controls market growth driven by the development of green technology due to the rising environmental concerns among consumers, rising spending power and the deployment of several government programs to encourage energy-efficient construction. One of the primary causes fostering an optimistic view of the market is the notable increase in the building of commercial, industrial, and residential structures worldwide. HVAC control systems are frequently used due to the rising demand for improved air quality, performance, and environmental concerns. Moreover, the HVAC controls market is expected to grow due to the rising demand for remote access control systems owing to their cost-effectiveness, energy efficiency, and operational efficiency.

The demand for HVAC Controls market is anticipated to be fueled by the building industry's rapid expansion, particularly in emerging nations. Additionally, it is anticipated that the use of HVAC systems with IoT capabilities would grow for applications in smart homes. In the upcoming years, the HVAC Controls Market is anticipated to be driven by the rising demand for energy-efficient buildings and government programmes to support energy-efficient systems.. The HVAC controls market is developing due to factors such as rising spending power and the deployment of several government programs to encourage energy-efficient construction.

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Impact of COVID-19 Pandemic on HVAC Controls Market:

The European semiconductor producers struggled to provide their products to the appropriate clients in sufficient quantities during the COVID-19 pandemic because of the severe disruption in the industry's raw material supply chain. The producers of semiconductor components or sensors are experiencing a two-week or longer delay in the delivery of raw materials, forcing the manufacturers to slow down the production speed and exhibiting a decline in revenue creation. Many manufacturers of HVAC systems and sensors in the UK, France, and Russia have a disproportionately high concentration of HVAC equipment producers. Manufacturers of European HVAC systems and market participants for HVAC controls suffered due to the COVID-19 virus's appearance. Additionally, over the past few weeks, the second wave of COVID-19 was observed in the UK, France, Germany, and Italy. As a result, the manufacturers were again forced to limit the number of workers in their production units, which slowed the demand for HVAC Controls. During the forecast period, the HVAC Controls market in Europe is anticipated to expand at a solid CAGR.

Implementation of Smart, Connected, and Energy Efficient IOT-enabled HVAC Systems to Propel HVAC Controls Market Growth in Coming Years:

The HVAC system is one of the major electricity consumers, particularly in commercial or residential buildings. At present, air conditioners and electric fans contribute to ~20% of the total electricity consumption in a building; furthermore, as per International Energy Agency's (IEA) report, the energy demand from air conditioners is further expected to grow three times by 2050. According to the US Department of Energy (DOE), commercial buildings use energy worth US$ 190 billion annually. The growing energy demands from HVAC systems are resulting in rising electricity costs. Therefore, the HVAC manufacturers are seeking ways to enhance their products' energy efficiency and offer tools to customers that can help them monitor their devices/systems.

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Implementation of IoT into the HVAC sector enables remote appliance control and significantly better customer-centric services. The main advantages of integrating IoT in the energy sector are the operational insight into HVAC appliances and techniques to significantly reduce energy usage. For instance, HVAC contractors can get their devices to monitor occupancy inside the building by combining smart devices with motion sensors. The system might recommend that the customer dial down the heating (or cooling) to save energy through an app message when there is no movement for an extended time inside the building. Moreover, the controls readily use the most recent networking and AI technologies, enabling them to gradually learn the preferences of the tenants and adapt to their comfort requirements. HVAC manufacturers aim to grow their HVAC controls market share by offering consumers intelligent HVAC solutions. Lighting and HVAC systems use the most energy in commercial or residential buildings. Implementing machine-to-machine (M2M) connectivity with IoT in various applications supports cost savings, resource conservation, predictive maintenance, comfort control, and healthy building performance. As a result, there is a higher need for IoT-based HVAC control systems. Thus, the implementation of smart, connected, and energy-efficient IoT-enabled HVAC systems will drive the demand for HVAC controls.

HVAC Controls Market: Installation Type Overview

Based on installation type, the HVAC controls market is bifurcated into new installation and retrofit. The new installation segment is expected to dominate the HVAC control market during the forecast period. For instance, China intends for 50% of all new construction to be green-certified within the next four to five years. Energy-efficient HVAC systems and HVAC controls can be used to achieve this, which calls for the efficient use of energy.

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